Investment Company Updates: Positive NAV Performance, Strategic Acquisitions, and Market Insights

Strategic Insights -

Gore Street Energy Storage (GSF) has reported a strong year of progress, with its energised capacity more than doubling to 753.4MW/924.1MWh, avoiding 11,970 tCO2e in emissions and storing 39,290MWh of renewable electricity. The company has implemented new health and safety measures and continued to support communities across its supply chain.

Key Takeaways:

  • Ruffer Investment Company (RICA) reported a positive NAV performance in August, driven primarily by gold mining equities, with gold bullion hitting a new record high.
  • Partners Group Private Equity (PEY) reported a 0.8% increase in NAV in July, taking it to EUR13.90 per share, with positive currency movements and flat portfolio revaluations contributing to the gain.
  • Grainger (GRI) has converted to a real estate investment trust (REIT), providing an opportunity for private investors to access the buy-to-let market through a tax-efficient vehicle without management responsibility.
  • Starwood European Real Estate Finance (SWEF) has reported a further write-down on its loan secured against a Central Dublin office portfolio, with a EUR2.2m (PS1.9m) impairment, and announced the full repayment of two loan assets during August.
  • JPMorgan Global Core Real Assets (JARA) has announced that director John Scott has purchased 15,000 ordinary shares in the company at a price of 70.19p per share.
  • Majedie (MAJE) has confirmed that its manager, Marylebone Partners, has entered into a formal agreement to become part of Brown Advisory, subject to regulatory approval.
  • Onward Opportunities (ONWD) has reported interim results for the six months to 30 June 2025, with NAV per share rising to 128.41p, representing a 10.4% total return over 12 months and a 34.2% return since its inception in March 2023.

Statistics:

  • RICA's NAV rose 2.1% in August, driven primarily by gold mining equities.
  • PEY's EUR13.90 per share NAV represents a 0.8% increase from July.
  • SWEF's NAV stood at PS145.0m, or 97.92p per share, as of 31 July 2025.
  • ONWD has raised more than PS4.1m year to date, making it one of the few smaller companies funds to continue attracting new capital.
  • Audioboom and Likewise were promoted to the core portfolio in ONWD.

Sources:

  • "Ruffer Investment Company reports strong NAV performance in August" (Association of Investment Companies, August 2025)
  • "Gore Street Energy Storage reports strong progress in its ESG and Sustainability Report" (Gore Street Energy Storage, August 2025)
  • "Partners Group Private Equity reports 0.8% increase in NAV in July" (Partners Group Private Equity, August 2025)
  • "Grainger converts to real estate investment trust" (Grainger, August 2025)
  • "Starwood European Real Estate Finance reports further write-down and full repayment of two loan assets" (Starwood European Real Estate Finance, August 2025)
  • "JPMorgan Global Core Real Assets director purchases shares" (JPMorgan Global Core Real Assets, August 2025)
  • "Majedie confirms agreement to become part of Brown Advisory" (Majedie, August 2025)
  • "Onward Opportunities reports interim results for the six months to 30 June 2025" (Onward Opportunities, August 2025)